Los Angeles, CA., April 04, 2022 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (�Draganfly or the Company), an award-winning, industry-leading drone solution developer and operator, is pleased to announce its fourth quarter and fiscal 2021 financial results. Revenue growth for the fourth quarter and the year was driven by a combination of organic growth, including strong drone product and services sales and ongoing traction with Vital Intelligence, the Companys health monitoring line that utilizes AI technology.
The financial year 2021 was another milestone year for Draganfly as 2021 marked another record revenue year for the Company. Total 2021 revenues increased by $2,690,354 from $4,363,511 in 2020 to $7,053,865 with the bulk of this revenue coming from product sales. Services revenue of $645,667 was steady while drone services sales of $1,304,799 was up 107% over the same period in 2020 due to the gradual shift towards providing more services.
Key Financial Highlights for 2021:
Key Financial and Operational Highlights for Q4 2021:
Cameron Chell, CEO of Draganfly, said: From quarter to quarter, our experienced team has been committed to meeting the demands of the rapidly evolving drone space. Draganfly continues to successfully hit its operational milestones, which are key for attaining our financial objectives. Our Q4 milestones and revenue give us confidence that we are on the path to become a leading North American based global drone solution provider.
Draganfly held a shareholder update on March 31, 2022 at 3 p.m. PDT / 6 p.m. EDT.
To watch the Companys update, please visit: https://youtu.be/oVXi7qRPfhQ
Selected financial information is outlined below and should be read with Draganflys consolidated financial statements for the year and quarter ended December 31, 2021, and associated management discussion and analysis, which will be available under the Company’s profile on SEDAR at www.sedar.com and in its Form 20-F filed on EDGAR at www.sec.gov.
For the year ended December 31, | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Total revenues | $ | 7,053,865 | $ | 4,363,511 | $ | 1,380,427 | ||||||||||||||||||||
Gross Profit (as a % of revenues) | 37.5 | % | 40.3 | % | 84.1 | % | ||||||||||||||||||||
Net income (loss) | (16,202,972 | ) | (8,015,813 | ) | (11,095,057 | ) | ||||||||||||||||||||
Net income (loss) per share ($) | ||||||||||||||||||||||||||
| (0.59 | ) | (0.48 | ) | (0.23 | ) | ||||||||||||||||||||
| (0.59 | ) | (0.48 | ) | (0.23 | ) | ||||||||||||||||||||
Comprehensive income (loss) | (16,399,137 | ) | (8,015,709 | ) | (11,095,057 | ) | ||||||||||||||||||||
Comprehensive income (loss) per share ($) | ||||||||||||||||||||||||||
| (0.58 | ) | (0.48 | ) | (0.23 | ) | ||||||||||||||||||||
| (0.58 | ) | (0.48 | ) | (0.23 | ) | ||||||||||||||||||||
Change in cash and cash equivalents | $ | 20,956,819 | $ | (447,063 | ) | $ | 2,349,954 | |||||||||||||||||||
As at | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Total assets | $ | 42,113,240 | $ | 7,100,567 | ||||||||||||||||||||||
Working capital | 26,836,922 | 1,214,371 | ||||||||||||||||||||||||
Total non-current liabilities | 465,214 | 104,885 | ||||||||||||||||||||||||
Shareholders equity | $ | 34,926,239 | $ | 3,848,205 | ||||||||||||||||||||||
Number of shares outstanding | 33,168,946 | 17,218,694 |
Notes:
(1) The net loss and comprehensive loss for the year ended December 31, 2021, include a change in fair value of derivative liability of $8,149,812 and an expense for goodwill impairment of $4,579,763, and would otherwise been a loss of $19,773,021 for the net loss, and $19,969,186 for the comprehensive loss, respectively.
(2) Shareholders equity and working capital as at December 31, 2021 includes a fair value of derivative liability of $5,560,002 and would otherwise be $40,486,241 and working capital of $32,396,924 respectively.
2021 Q4 | 2021 Q3 | 2020 Q4 | |||||||
Revenue | $ | 1,635,265 | $ | 1,896,992 | $ | 1,486,009 | |||
Cost of goods sold | $ | (1,008,827 | ) | $ | (1,123,942 | ) | $ | (1,155,491 | ) |
Gross profit | $ | 626,438 | $ | 773,050 | $ | 330,518 | |||
Gross margin percentage | 38.3 | % | 40.8 | % | 22.2 | % | |||
Operating expenses | $ | (5,733,767 | ) | $ | (8,006,957 | ) | $ | (3,109,508 | ) |
Operating loss | $ | (5,107,329 | ) | $ | (7,233,907 | ) | $ | (2,778,990 | ) |
Operating loss per share basic | $ | (0.16 | ) | $ | (0.24 | ) | $ | (0.17 | ) |
Operating loss per share diluted | $ | (0.16 | ) | $ | (0.24 | ) | $ | (0.17 | ) |
Other income (expense) | $ | 17,811,440 | $ | 31,135,835 | $ | (713,885 | ) | ||
Comprehensive income (loss) | $ | 3,362,550 | $ | 23,975,400 | $ | (3,491,640 | ) | ||
Comprehensive income (loss) per share basic | $ | 0.39 | $ | 0.79 | $ | (0.21 | ) | ||
Comprehensive income (loss) per share diluted | $ | 0.39 | $ | 0.75 | $ | (0.21 | ) |
Note:
(3) The other income and comprehensive income for the fourth quarter of 2021 include a recovery in fair value of the derivative liability of $23,428,117, and an expense for goodwill impairment of $4,579,763 and would otherwise be an expense of $1,036,914 and loss of $6,212,888, respectively.
About Draganfly
Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 20 years, Draganfly is an award-winning industry leader serving the public safety, public health, mining, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.
For more information on Draganfly, please visit us at www.draganfly.com.
For additional investor information, visit https://www.thecse.com/en/listings/technology/draganfly-inc, https://www.nasdaq.com/market-activity/stocks/dpro or https://www.boerse-frankfurt.de/equity/draganfly-inc-1.
Media Contact
Arian Hopkins
Email: media@draganfly.com
Company Contact
Email: info@draganfly.com
Note Regarding Non-GAAP Measures
In this press release we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (IFRS). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit and gross margin are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.
Throughout this release, reference is made to gross profit, and gross margin, which are non-IFRS measures. Management believes that gross profit, defined as revenue less operating expenses, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as a percentage of revenue. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with International Financial Reporting Standards (IFRS). For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the “Non-GAAP Measures and Additional GAAP Measures”? section of the Companys most recent MD&A which is available on SEDAR.
Forward-Looking Statements
This release contains certain forward looking statements and certain forward-looking information as ?defined under applicable securities laws. Forward-looking statements and information can ?generally be identified by the use of forward-looking terminology such as may, will, expect, intend, ??estimate, anticipate, believe, continue, plans or similar terminology. Forward-looking statements ?and information are based on forecasts of future results, estimates of amounts not yet determinable and ?assumptions that, while believed by management to be reasonable, are inherently subject to significant ?business, economic and competitive uncertainties and contingencies. These statements include, but may not be limited to statements regarding ?the Companys proprietary pathogen and surface sanitizer spray being selected to be administered ?ahead of the DRL Vegas Championship Race Presented by T-Mobile ?outside T-Mobile Arena during CES® 2022 and the EDGE22 plenary sessions at the Park Theater ?in the Park MGM in Las Vegas, Nevada?; the Company being selected by DRL, Woz Ed and ?Robotify to assist with the ?expansion of the DRL Academy STEM program?; the Companys plans to strategically implement drones along courses that are capable of providing critical emergency supplies and communications tools; and statements made by Cameron Chell regarding the Company continuing to execute significant operational milestones and becoming the leading commercial drone manufacturer and solutions provider in North America?; Forward-looking statements and ?information are subject to various known and unknown risks and uncertainties, many of which are beyond ?the ability of the Company to control or predict, that may cause the Companys actual results, ?performance or achievements to be materially different from those expressed or implied thereby, and are ?developed based on assumptions about such risks, uncertainties and other factors set out here-in, ?including but not limited to: the potential impact of epidemics, pandemics or other public health crises, ?including the current outbreak of the novel coronavirus known as COVID-19 on the Companys business, ?operations and financial condition, the successful integration of technology, the inherent risks involved in ?the general securities markets; uncertainties relating to the availability and costs of financing needed in ?the future; the inherent uncertainty of cost estimates and the potential for unexpected costs and ?expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and ?other related risks and uncertainties disclosed under the heading Risk Factors in the Companys most ?recent filings filed with securities regulators in Canada on the SEDAR website at www.sedar.com and with the U.S. Securities and Exchange Commission on the EDGAR website at www.sec.gov. The ?Company undertakes no obligation to update forward-looking information except as required by ?applicable law. Such forward-looking information represents managements best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results ?may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking ?statements or information.
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